COMPANY NEWS; S.E.C. HALTS AN INQUIRY ON ICN STOCK TRADING

The Securities and Exchange Commission has dropped a three-year inquiry into accusations of insider trading by ICN Pharmaceuticals Inc. and its chief executive, Milan Panic. But the S.E.C. will start an enforcement action against the company and Mr. Panic for failing to disclose adverse information about its viral drug, ribavirin, ICN said yesterday. The S.E.C. had investigated accusations that Mr. Panic sold $1.24 million of ICN stock in 1994 after he and ICN learned that the Government would not approve the sale of ribavirin as a stand-alone treatment for the liver ailment hepatitis C. The S.E.C. contended that the news was not disclosed to other shareholders. ICN, based in Costa Mesa, Calif., sells pharmaceuticals and biotechnology products.